ANALYSIS OF MACROECONOMIC VARIABLES ON THE GROWTH OF MONEY SUPPLY M2 IN INDONESIA

Indra Kusuma Putra, Fajar Setianto, Rifki Khoirudin

Abstract


This investigation scrutinizes the implications of macroeconomic
determinants, specifically the authentic interest coefficient, monetary devaluation, Jakarta Stock Exchange Composite Index (JSECI), international currency reserves, and conversion rates upon monetary supply (M2) within Indonesia throughout the temporal
span 1990-2023 utilizing the Autoregressive Distributed Lag (ARDL) methodology. The investigative outcomes demonstrate that within abbreviated temporal frameworks, the authentic interest coefficient, monetary devaluation, JSECI, international currency
reserves, and conversion rates exhibit constructive and substantial implications upon M2. Throughout extended durations, the authentic interest coefficient and JSECI manifest substantial adverse implications upon M2, whereas monetary devaluation and
international currency reserves demonstrate negative and substantial implications, and the conversion rate maintains constructive and substantial characteristics. These discoveries indicate that monetary devaluation and international currency reserves
constitute the primary catalysts of M2 fluctuations, whereas the function of JSECI remains confined to abbreviated temporal periods. This investigation advocates optimal administration of international currency reserves and calibrated monetary strategy to preserve M2 equilibrium for supporting national economic advancement. The outcomes of this investigation are anticipated to serve as guidance for Bank Indonesia in formulating efficient monetary strategy.

Keywords: Money Supply M2, Real Interest Rate, Inflation, Composite Stock Price
Index, Foreign Exchange Reserves, Exchange Rate

Full Text:

PDF

References


Afriyanti, N., & Prasetiyo, L. (2021). Pengaruh Inflasi dan Pertumbuhan Ekonomi Terhadap Nilai Tukar Rupiah dalam Jangka Pendek dan Jangka Panjang Tahun 2010-2018. Journal

of Islamic https://doi.org/10.21154/joie.v1i1.3081

Economics, 1(1), 24–40.

Elvina, M., Purnami, A.A.S., & Wulandari, I.G.A.A. (2021). Pengaruh Jumlah Uang Beredar (M1) dan Suku Bunga BI (BI Rate) Terhadap Tingkat Inflasi di Indonesia. Warmadewa Economic Development Journal (WEDJ), 4(2), 47–52. https://doi.org/10.22225/wedj.4.2.2021.47-52

Fahrika, A., & Buhasyim, M. (2021). Pengaruh Tingkat Suku Bunga Perbankan Terhadap Realisasi Investasi Di Indonesia (Periode 2011-2020). Islamic Banking and Finance, 1(2), 142-153. doi:https://doi.org/10.30863/ibf.v1i2.3001

Goestjahjanti, F. S. (2024). Controlling the money supply from macroeconomics perspective: Saving interest and exchange rate. Sebelas Maret Business Review, 9(1), 49-56. https://doi.org/10.20961/smbr.v9i1.88730

Halim, J., & Marcories (2019). Analisis Pengaruh Pergerakan Bursa Internasional Terhadap Pergerakan Bursa Indonesia. Journal of Applied Finance and Accounting, 53(9), 1689–1699. https://doi.org/10.21512/jafa.v3i2.169

Hayati, R., Jamil, P. C., & Azmansyah, . (2020). Macroeconomics and Jakarta Composite Index. Proceedings of the Second International Conference on Social, Economy, Education, and https://doi.org/10.5220/0009060401170122 Humanity. 1,

IDX. (2021). Indeks saham. https://www.idx.co.id/id/produk/indeks/

–122.

Kusnandar, H. F., Mulyati, S., & Rohana, A. S. (2023). Analisis Pergerakan Indeks Harga Saham Gabungan (IHSG) Sebelum Dan Sesudah Pandemi Covid. Ekombis Review, 11(2), 1113–1120. https://doi.org/10.37676/ekombis.v11i2.3834 Laurie,

R. (2023). Agness. Weaving a Malawi Sunrise, 89–92.

https://doi.org/10.1515/9781772121155-013

Mamuaja, R.C., Saerang, I.S., & Tasik, H.H.D. (2024). Analysis of the Impact of Money Supply, Interest Rates, and Inflation on Bank Credit Growth in Indonesia Pre and Post Covid-19 Pandemic. Jurnal EMBA, 12(3), 892–901. https://doi.org/10.35794/emba.v12i03.57736

Mankiw, N.G. (2011). Principles of Economics. Edisi Keenam. Thomson/SouthWestern.

Marasabessy, R. H. (2022). Sejarah Pemikiran Ekonomi Islam Klasik. Jurnal AsySyukriyyah, 16(1), 72–87. https://doi.org/10.36769/asy.v16i1.221

Musyaffa’, A.S., & Sulasmiyati, S. (2017). Pengaruh Jumlah Uang Beredar, Inflasi Dan Suku Bunga Terhadap Nilai Tukar Rupiah Terhadap Dollar (Studi Pada Bank Indonеsia Pеriodе 2011-2015). Jurnal Administrasi Bisnis (JAB), 50(4), 19–24.

Paranita, E. S., Setyawan, D. J., & Program, M. (2017). Pergerakan Indeks Harga Saham Gabungan Dan Faktor-Faktor Yang Mempengaruhinya. Jurnal Studi dan Manajemen Informasi 14(2), 10-21. https://doi.org/10.14710/jsmo.v14i2.21376

Priyono & Ismail, Z. (2012). Teori Ekonomi. Penerbit : Zifatama Publising. Sidoarjo.

Saefulloh, M.H.M., Fahlevi, M.R., & Centauri, S.A. (2023). Pengaruh Inflasi Terhadap Pertumbuhan Ekonomi: Perspektif Indonesia. Jurnal Acitya Ardana, 3(1),

–26. https://doi.org/10.31092/jaa.v3i1.2045.

Salam, W.R. (2020). Inflasi Ditengah Pandemi Dalam Perspektif Islam. Jurnal Syntax Transformation, 1(5), 187-192. https://doi.org/10.46799/jst.v1i5.72

Sayoga, P., & Tan, S. (2017). Analisis cadangan devisa Indonesia dan faktor-faktor yang mempengaruhinya. Jurnal Paradigma Ekonomika, 12(1), 25–30. https://doi.org/10.22437/paradigma.v12i1.3931

Soewito, O. (1984). Sejarah Pemikiran Ekonomi Teori Bunga. Eki, 22(4), 481-496.

Surjono, N. D., & Handayani, P. S. (2013). Dampak Pendapatan Dan Harga Rokok Terhadap Tingkat Konsumsi Rokok Pada Rumah Tangga Miskin. Jurnal BPPK:

Badan Pendidikan Dan Pelatihan Keuangan, 6(2), 19-33.

Tafara, L., Kumaat, R. J., & Maramis, M. T. B. (2022). Analisis Faktor - Faktor Yang Mempengaruhi Cadangan Devisa Indonesia Periode 2011-2020. Jurnal Berkala Ilmiah Efisiensi, 22(6), 73–84.

Warjiyo, P. & Solikin, (2003). Kebijakan Moneter Di Indonesia. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan.

Yusuf, M., & Ichsan, R.N. (2019). Analisis Efektifitas Penggunaan Cadangan Devisa, Utang Luar Negeri Dan Ekspor Terhadap Stabilitas Nilai Tukar. Jurnal Penelitian Pendidikan Sosial

https://doi.org/10.32696/jp2sh.v4i2.339 Humaniora, 4(2),


Refbacks

  • There are currently no refbacks.